October 27, 2020

Brown Blasts OCC For Finalizing The “Rent-a-bank Rule”

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – released the following statement after the Comptroller of the Currency released its new rule:

“Let’s be clear - from start to finish, the Trump Administration has been one long con.  At a time when too many Americans are facing an economic crisis, our government should be protecting consumers, not putting them even more at risk.  Here we are one week out from the election and the Trump Administration is racing against the clock to finalize a new rule that empowers and enables predatory lending. The new “rent-a-bank” rule makes a mockery of the long-standing federalism that has guided bank policy. Gutting state consumer protection laws and allowing payday and other non-bank lenders to funnel their high-interest, abusive loans through national banks is not principled conservatism. It is corporate cronyism and a betrayal of hard-working Americans. I will use every legislative tool available to overturn this harmful rule.”